SBF used customer deposits to prop up Alameda Research, Reuters reports.
In May and June this year, Alameda Research suffered a series of losses from deals, according to three people familiar with its operations. These included a $500m loan agreement with crypto lender Voyager Digital.
To prop up Alameda Research, SBF transferred at least $4b in FTX funds, secured by assets including $FTT and shares in trading platform Robinhood. Two of the people said that a portion of these FTX funds were customer deposits, but the value couldn't be determined.